The MoneroV (XMV) is a digital token that provides open source code. The MoneroV project (XMV) is the Monero system’s hardfork, scheduled for launch in March 2018, but was moved to April.
As the developers noted, It will be a new altcoin, which will have numerous useful characteristics as a high level of security and total anonymity. Also, the creators of MoneroV promise a solution to the problem of scalability, and also a lower commission fee for conducting transactions.
The specifics of the MoneroV project
After the launch of the MoneroV hardfork, all Monero token owners will be able to receive new coins in the proportion of 10 XMV: 1 XMR. The emission indicators of the XMV coin are 256 million units. Upon the release of MoneroV’s hardfork, 158 million tokens will be produced once, and the general network will be launched a few days later. This approach is explained by the need for mandatory testing of all elements of the system, nodes, and wallets.
At the initial stage of development of the MoneroV system, the cryptocurrency will be mined using the Proof-of-Work algorithm and the CryptoNight protocol, which will be changed subsequently. The time for generating a new block will be 2 minutes. The amount of compensation for the calculation of blocks will periodically decrease, starting at the level of 6 XMV-coins with the emission of 184 467 440 tokens. In the MoneroV project developers reserve, 5.859375 percent of all funds will be allocated, which will allow using resources for further promotion of the platform.
From the merits of the new MonterV-based cryptocurrency product, it is possible to highlight the high scalability of the Blockchain network via a protocol integrated under the system called MimbleWimble, as well as providing complete anonymity to network users for transactions.
Prospects for the development of the MoneroV project
According to information provided by the creators of the MoneroV system, this year users can expect the release of a “light” digital client in the form of a GUI-wallet, as well as launching a web version of the client at the beginning of summer. For 2019, it is planned to change the PoW protocol and implement the above-mentioned MimbleWimble.
Exchange services do not yet provide accurate information on the support of the new digital currency. The situation will clear up at the time of the release of hardfork. The developers of the MoneroV system recommend that XMR holders place their assets within the local wallets before the actual release of the product.
As the expert of the cryptocurrency community notes, within the market of anonymous digital assets there is a very tough competition. With a limited issue, the new token has a great chance of increasing the value of MoneroV in the future.
The reasons for the move of the MoneroV’s hardfork release for April
The MoneroV project management decided to move the release of MoneroV (XMV) hardfork for a month – originally the product was planned to be released in March, and now it is postponed to the end of April, approximately on the 30th.
According to the original plan, the MoneroV output was to be held on March 14 at 1529810 block. Now a new date is announced – the 30th of April block 1564965.
The reasons for the move on the official website are the following:
- The time for exchange resources to integrate MoneroV technology solutions;
- The likelihood of confusion with the release date of the hardfork, if you own Monero software, which is launched in March;
- More time for mining pools to integrate MoneroV;
- The need for users to prepare for the MoneroV coin and the GUI wallet for large block sizes.